The likelihood of Esat taking an Irish stock market listing is still bound up in a dispute between the company and the Stock Exchange over the category that an Esat quote in Dublin should have.

With a successful listing on Nasdaq for over a year, Esat takes the view that its primary listing should remain on Nasdaq with any listing in Dublin being of a secondary nature.

For its part, the Stock Exchange says that its rules specify that if the bulk of a company's turnover is in Ireland, then the primary listing should be in Dublin.

The Exchange has pointed out that it has no problems with the likes of Elan and Iona having their primary listing on Nasdaq, as the vast bulk of their turnover comes from outside Ireland. And the Exchange would also be content with the likes of CBT and Icon also making Dublin their secondary listing.

But in the cases of Esat, there is something of a stand-off with the exchange deciding that if it makes an exception for Esat, then others would use that precedent to have a primary listing in New York. This column will not be surprised, however, to see some sort of accommodation between Esat and the Exchange.

Esat, and broker Davy, know that potential domestic investors would be happier to see the company's shares quoted on a liquid local market. And the Exchange would also like to have a company with a £550 million value on the market.